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Mr Antony Leung, the Financial Secretary, welcomes today (May 13) the publication of the second Annual Report of the Process Review Panel (PRP) for the Securities and Futures Commission (SFC).

"The second Annual Report of the PRP contains a comprehensive review of the adequacy of selected internal procedures of the SFC. The PRP has made a number of well-considered recommendations to improve the transparency, efficiency, consistency and checks and balances of these SFC procedures. I am pleased to note that the SFC has accepted most of the recommendations," Mr Leung said.

"The report demonstrates that the PRP, with the full cooperation of the SFC, has made valuable contributions in furthering quality regulation of Hong Kong's securities and futures markets," Mr Leung said.

"I am also glad to note that the Panel has listened to the views of the stockbroking industry when formulating its recommendations," he added. "This collaborative spirit between the PRP, the regulator as well as the industry is an important element for promoting a pro-compliance approach in enforcing our regulatory requirements for market participants, and a better understanding of the enforcement efforts made by the regulators."

"I thank the PRP Chairman and members for their dedication to improving the quality of market regulation in the past year," Mr Leung said.

End/Tuesday, May 13, 2003

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